Break on the hourly below the 107.31 failing?
The USDJPY moved to a new session low to 107.234 helped by the overall USD selling momentum and despite the premarket rise in US stocks. The Dow industrial average futures are currently implying a gain of over 400 points and the S&P index is up over 50 points. US yields are lower however with the 10 year down -3.3 basis points. Often times, a stronger risk on trade into stocks leads to a stronger USDJPY. Admittedly, there may be mixed feelings about that relationship at times and yields are lower as well (which tends to be dollar bearish).
Technically, the price fell below a lower trend line at 107.31 in the current hourly bar. The price low reached 107.234 which was short of the next target at 107.122 (the price is getting close to the swing lows from March 30, April 1, and April 2 but fell short of those targets so far).
The failed break below the trend line, may give traders some cause for pause. Be on the lookout for support hold against that line intraday, and the price correcting higher. The low yesterday at 107.494 and the swing high going back to April 2 at 107.563 would be a target area to get back above and give the buyers more confidence that a bottom may be in place(see yellow area in the chart above).
Above that, and a topside trend line comes in at 107.60 followed by the swing highs for the day near the 107.75 level.
A move back below the lower trend line would have me seriously questioning the "low is in intraday" idea. I would expect a rotation toward the 107.12 low and then 107.00 (low from April 2). The April 1 low reached down to 106.908 and it too would be in view for sellers.
